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Alexandria Real Estate Equities Sells Stake in $700M Life Sciences Facility in Boston

by Taylor Williams April 13, 2023

BOSTON — California-based REIT Alexandria Real Estate Equities (NYSE: ARE) has sold a stake in a $700 million life sciences facility located at 15 Necco St. in Boston’s Seaport District. The percentage of the interest, which was sold to a U.S. affiliate of Japanese developer Mori Trust Co., was not disclosed. Alexandria is developing the 346,000-square-foot facility in partnership with National Development as a build-to-suit for pharmaceutical giant Eli Lilly & Co. The facility will house retail and restaurant space on the ground floor and a terrace with green spaces and flexible workstations on the rooftop. Construction began in early 2022, and the development team expects to complete the project before the end of the year. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell, Alex Foshay and William Sleeper of Newmark structured the recapitalization.

April 13, 2023

Acquisitions Industrial Texas

MDH Partners Acquires Fort Worth Industrial Building Leased to Samsung for $67.5M

by Taylor Williams April 7, 2023

FORT WORTH, TEXAS — Atlanta-based investment firm MDH Partners has acquired Fort Worth Logistics Hub Building 1, a 670,914-square-foot industrial property, for $67.5 million. Built on 39 acres in 2022, the building was fully leased to Samsung SDS America at the time of sale and features 36-foot clear heights and 245 parking spaces. Eastdil Secured represented the undisclosed seller in the transaction. Joe DeHaven negotiated the deal for MDH Partners on an internal basis.

April 7, 2023

Acquisitions Northeast Office Pennsylvania

Buccini/Pollin Acquires 271,678 SF Office Building in Metro Philadelphia

by Taylor Williams April 7, 2023

CONSHOHOCKEN, PA. — The Buccini/Pollin Group, a development and investment firm with offices in Maryland and Delaware, has acquired One Tower Bridge, a 271,678-square-foot office building in the northern Philadelphia suburb of Conshohocken. Designed by Skidmore, Owings & Merrill and completed in 1989, the 15-story, riverfront building offers a fitness center, outdoor terrace and a multi-purpose room. One Tower Bridge was 92 percent leased at the time of sale, with Morgan Stanley serving as the anchor tenant. Buccini/Pollin plans to invest $9 million in capital improvements to the building. The seller and sales price were not disclosed.

April 7, 2023

Acquisitions New York Northeast Retail

Cushman & Wakefield Arranges Sale of Two Retail Centers Totaling 416,544 SF Near Buffalo

by Taylor Williams April 5, 2023

HAMBURG, N.Y. — Cushman & Wakefield has arranged the sale of two adjacent retail centers totaling 416,544 square feet in Hamburg, a southern suburb of Buffalo. The first center, BJ’s Plaza, is anchored by BJ’s Wholesale Club and was fully leased to 10 tenants at the time of sale. Home Depot anchors the second property, McKinley Milestrip, which was 94 percent leased to 20 tenants at the time of sale. The centers comprise 176,045 and 240,499 square feet, respectively. Gary Gabriel, David Bernhaut, Brian Whitmer, Frank DiTommaso and Max Helfman of Cushman & Wakefield, in association with Ben Borruso of Pyramid Brokerage Co., represented the seller, a joint venture between DRA Advisors and DLC Management Corp. New York City-based Northpath Investments acquired the properties for an undisclosed price.

April 5, 2023

Acquisitions Multifamily Northmarq Texas

Northmarq Arranges Sale of 144-Unit Grand Seasons Apartments in North Dallas

by Taylor Williams April 4, 2023

DALLAS — Northmarq has arranged the sale of Grand Seasons Apartment Homes, a 144-unit multifamily complex in North Dallas. The property was built in 1978 and offers one- and two-bedroom units. Amenities include a pool, fitness center, outdoor grilling and dining areas and a dog park. Taylor Snoddy, Charles Hubbard and Eric Stockley of Northmarq brokered the deal. The buyer and seller were not disclosed. The new ownership plans to implement a value-add program.

April 4, 2023

Acquisitions Multifamily Seniors Housing Texas

Bay 9 Holdings Agrees to Buy Edgemere Seniors Housing Community in Dallas, Install New Operator

by Taylor Williams April 3, 2023

DALLAS — Bay 9 Holdings LLC, an affiliate of Lapis Advisers LP, has agreed to acquire Edgemere, a continuing care retirement community (CCRC) in Dallas. Located on a 16-acre site, Edgemere features 304 independent living units, 60 assisted living units, 31 memory care units and 72 skilled nursing beds. Bay 9 plans to install a new operator, Long Hill at Edgemere LLC, a wholly owned subsidiary of United Methodist Homes (UMH). The initial phase of development opened in 2001. The asset has been operating under a forbearance agreement with its lender, UMB Bank, since January 2022.

April 3, 2023

Courtyard-by-Marriott-Houston-Hobby-Airport

Acquisitions Hospitality Texas

NewcrestImage, HCP Acquire 153-Room Marriott-Branded Hotel in Houston

by Taylor Williams March 30, 2023

HOUSTON — A joint venture between Dallas-based NewcrestImage and Phoenix-based Hospitality Capital Partners (HCP) has acquired the 153-room Courtyard by Marriott Houston Hobby Airport. The joint venture acquired the property, which is located just two miles from the airport, as part of a $137.3 million portfolio deal that comprised 16 Marriott-branded hotels totaling 2,155 rooms across nine states. Al Calhoun and Mark Fair of CBRE represented the seller, Massachusetts-based REIT Service Properties Trust, in the portfolio sale.

March 30, 2023

Acquisitions New Jersey Northeast Office

Gilbane Development Sells 100,925 SF Office Building in Princeton, New Jersey

by Taylor Williams March 30, 2023

PRINCETON, N.J. — Rhode Island-based Gilbane Development Co. has sold Crossroads Corporate Center, a 100,925-square-foot office building in Princeton. The three-story building was constructed on 45 acres in 1991 and has been renovated multiple times over the ensuing years. Jeremy Neuer, Jose Cruz, Kevin O’Hearn, Thomas Romano, J.B. Bruno and Jason Lundy of JLL represented Gilbane in the transaction. A joint venture led by Simone Realty purchased Crossroads Corporate Center for an undisclosed price.

March 30, 2023

Acquisitions Industrial Self-Storage Texas

JLL Negotiates Sale of 741-Unit Self-Storage Facility in Dallas

by Taylor Williams March 29, 2023

DALLAS — JLL has negotiated the sale of Greenville Self Storage, a 741-unit facility located in the northern-central part of Dallas. CubeSmart operates the four-story, climate-controlled facility, which was built in 2019 and spans roughly 83,000 net rentable square feet. Brian Somoza, Steve Mellon, Matthew Wheeler and Adam Roossien of JLL represented the seller, Wentworth Property Co., in the transaction. Utah-based REIT Extra Space Storage purchased the facility for an undisclosed price. Greenville Self Storage was more than 90 percent occupied at the time of sale.

March 29, 2023

Acquisitions Multifamily Texas

Newmark Arranges Sale of 276-Unit Redland Apartments in San Antonio

by Taylor Williams March 21, 2023

SAN ANTONIO — Newmark has arranged the sale of The Redland, a 276-unit apartment community in San Antonio’s Stone Oak neighborhood. Built on 17.1 acres in 2007, The Redland features one-, two- and three-bedroom units with an average size of 1,044 square feet. Amenities include a pool, fitness center, resident clubhouse and two dog parks. Patton Jones, Matt Michelson and Andrew Dickson of Newmark represented the seller, California-based investment firm Bascom Group, in the transaction. Houston-based Ilan Investments purchased the property for an undisclosed price. The Redland was 93 percent occupied at the time of sale.

March 21, 2023

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